Why Homestead Your Property
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Florida Homestead Law: What You Need to Know
Florida homestead law covers three distinct areas.
1. Tax Savings
The "Save Our Homes" rule caps how much your home's taxable value can go up each year — no more than 3% or the rate of inflation, whichever is less. You can apply for this online on your county property appraiser's office website. If you sell and buy a new home, you can transfer up to $500,000 of that tax savings to your new Florida property.
2. Creditor Protection
Florida's Homestead law protects your homestead from creditors — meaning they generally can't take your home to pay a debt. This protection is automatic. There's no cap on home value, but there is a size limit: half an acre inside city limits, or 160 acres outside city limits.
3. Inheritance Rules
This is where people get tripped up — Florida law controls who gets your home when you die, and it can override your will. If you have a surviving spouse and descendants, your spouse gets a life estate (the right to live there) and your descendants get the remainder. The spouse can't sell without the descendants agreeing, which gets messy fast, especially with blended families.
If there are no minor children, your spouse can waive these rights, or you can title the home jointly as tenants by the entirety, so it passes directly to your surviving spouse.
TIP
If you purchased your home, filed and received a Florida Homestead designation prior to getting married and then marry while owning the home, your spouse will be required to sign the deed when you sell the homesteaded property.
File Online for Homestead in These Counties
Have questions about homestead or your closing? We're here to help.
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